Article2007

Individual investors' perceptions towards dividends: the case of Greece

Dimitrios Maditinos · Željko Šević · Νικόλαος Γ. Θερίου · Alexandra Tsinani

28 citations0/0 files storedInternational Journal of Monetary Economics and Finance

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

This study is based on the assumption that there exists a strong preference for dividends among individual investors in Greece. Its main objective is to explore the driving forces that lead retail investors to reveal their preference for either cash or stock dividends. Several of the most important dividend theories were employed to test the behaviour of Greek individual investors towards dividends. The results reveal strong evidence that individual investors in Greece want dividends. Their answers provide strong support for the signalling theory of Bhattacharya (1979), while the behavioural finance theory of Shefrin and Statman (1984) is marginally confirmed.

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References

1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1961Dividend Policy, Growth, and the Valuation of Shares 1985Dividend Policy under Asymmetric Information 1984Two Agency-Cost Explanations of Dividends 1979Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy 2005Payout policy in the 21st century 1995Market underreaction to open market share repurchases 1982GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS

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